REBusinessOnline

Marcus & Millichap Brokers $4M Sale of Apartment Property in Miami Beach

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $4 million sale of Abbott Arms, a 25-unit apartment property located in Miami Beach. Evan Kristol and Felipe Echarte of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, Richard Shindler, the Trustee of Abbott Arms Trust. The buyer was not disclosed. Abbott Arms is made up on two separate properties that will be combined into one.Located at 7830 & 7834 Abbott Ave., Abbott Arms is …

Memphis is Well-Established for Industrial Owners and Users to Win

Momentum in the local industrial market has been maintained because of Memphis’ world-class infrastructure offering the “four Rs” of transportation: river, road, rail and runway. Thanks to Memphis’ central location, truck freight can reach 65 percent of the nation’s population in 24 hours. The Port of Memphis is the fifth-largest inland port in the United States and an east-west highway spans the width of the country.As home to FedEx Global Headquarters and a UPS hub, Memphis …

29th Street Capital Acquires Two Apartment Properties in Tampa Bay Area for $112M

TAMPA AND CLEARWATER, FLA. — 29th Street Capital (29SC) has acquired two apartment communities in the Tampa Bay area for $112 million. The properties, Henley Tampa Palms in Tampa and Enclave at Northwood in Clearwater, have a total of 503 units. Luis Elorza and Justin Hofford of NorthMarq represented the seller, Preston Giuliano Capital Partners, in the transaction.Mitch Sinberg, Brad Williamson, Justin Ownby and Wesley Moczul of Berkadia arranged $91 million in acquisition financing …

NorthPoint Development Purchases Land in Metro Charlotte for 676,000 SF Industrial Development

SALISBURY, N.C. — NorthPoint Development has purchased around 40 acres in Salisbury, about 36.5 miles north of Charlotte. NorthPoint bought the land in order to build I-85 Commerce Center, a speculative industrial project that will total 676,000 square feet. The seller and sales price were not disclosed.I-85 Commerce Center will feature 40-foot ceilings, 185-foot truck courts, auto and trailer parking, as well as immediate access to Interstate 85. The project is slated for completion by …

KBS Signs Lease Extension for Law Firm at Atlantic Station Office Property in Atlanta

ATLANTA — KBS, on behalf of PRIME US REIT, has signed a four-floor lease extension with business law firm Arnall Golden Gregory LLP for headquarters office space in Atlanta. The 510,268-square-foot, Class A office building is situated at 171 17th St. within Atlantic Station, a mixed-use village in Atlanta’s West Midtown district.Built in 2004, the office property is a 21-story building that includes an onsite café, EV car-charging stations, onsite carwash/detail, conference center and …

Uptick in August Retail Sales Bodes Well for Consumer Spending in Fourth Quarter, Says NRF Economist

WASHINGTON, D.C. — U.S. retail sales increased in August as consumer demand outweighed the effects of the COVID-19 pandemic, supply chain disruptions and other factors that affected spending. Even though there was a decrease in car sales due to shipping problems and product shortages, the U.S. Commerce Department reported that the sales for retailers and restaurants increased by 0.7 percent in August.The chief economist for the National Retail Federation (NRF), Jack Kleinhenz, says …

Wegmans to Open 81,300 SF Grocery Store in Alexandria, Virginia

ALEXANDRIA, VA. — Wegmans Food Markets Inc., a 106-store supermarket chain based in Rochester, N.Y., plans to open a new grocery store within Carlyle Crossing, a 1.7 million-square-foot mixed-use development underway in Alexandria.Located just off Eisenhower Ave. at 150 Stovall St., the store is scheduled to open in spring 2022. The store will employ approximately 450 people, with 150 full-time positions offered.The 81,300-square-foot Wegmans will include a Market Café, a bar and …

ECO Group Signs 18 New Tenants to Join $180M MOSAIC Development in Metro Raleigh

PITTSBORO, N.C. — Developer ECO Group has signed leases for 18 new tenants at MOSAIC at Chatham Park, a 44-acre, $180 million entertainment and lifestyle destination underway at Highway 501 and Russet Run Road in Pittsboro, about 34 miles from Raleigh.With the addition of the new tenants, 96 percent of MOSAIC’s retail space completed or under construction is now leased. New restaurant tenants joining the project include Hops and Berry, a 5,000-square-foot self-serve tap house and …

Mainsail Lodging Opens Epicurean Atlanta Hotel in Midtown District

ATLANTA — Mainsail Lodging & Development has opened Epicurean Atlanta, a 16-story boutique hotel in Midtown Atlanta. The hotel is a member of the Autograph Collection, a group of independent hotels operated by Marriott International. Epicurean Atlanta is the second location of the Epicurean Hotel brand, the first of which was a collaboration between Mainsail Lodging and the Bern’s Steak House in Tampa. Atlanta-based architectural and interior design firm Rule Joy Trammell + Rubio …

SRS Arranges Sale of 101,392 SF Shopping Center in Lake Mary, Florida

LAKE MARY, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Heathrow Square, a Winn-Dixie-anchored, 101,392-square-foot shopping center in Lake Mary. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. The buyers, Equinox Development and Harbour Retail Partners, were self-represented. The sales price was not disclosed.Heathrow Square was nearly 97 percent leased at the time of sale to tenants …

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